bitcoinDigital tokens such as coin, Ethereum and Solana took a huge hit in Binance Australia after news that the platform will pull a major local currency support.
When calculated in Australian Dollars, the decrease in Bitcoin price is particularly striking. At the time of writing, 1 BTC in Binance australia is currently around $22,670. However, this is not the case with other exchanges. Therefore BinanceThe withdrawal of ‘s support triggered a big drop in price. On the other hand, the USD-denominated BTC/USD pair is trading around $27,995. Other leading tokens such as ETH, SOL are also trading at an average price of 20% lower.
Following a decision by the third-party payment provider, Binance Australia officially announced on May 18 that it is suspending Australian Dollar services to its users.
Due to a decision made by payment solutions provider Cuscal, Binance Australia will no longer be able to offer AUD deposits.
According to the announcement, users will not be able to use Australia’s well-known PayID service to withdraw Australian Dollars to their bank accounts from 1 June. The drop in price drew attention as all customers competed to sell their assets before this date. However, according to the news, assets will be convertible to USDT for easier trading after June 1st.
You can follow the current price action here.